More People Working Beyond 65 Years Old

Over 40,000 people aged 65 years old or more have joined the UK workforce in the past three months, the largest quarterly rise of its kind. With limited funds available in retirement cited as the chief reason for this rise in numbers, equity release could help some of those homeowners enjoy their retirement.

The Office of National Statistics (ONS) put the total number of people, aged 65 years or more, still working at roughly 823,000. Of these, some simply didn’t retire, whereas others have been forced to seek employment after retirement to make up for the paucity in pension funds.

Supplementing Income in Retirement

According to Aviva, 12% of people aged between 65 years old and 74 years old still have a mortgage. This debt has forced some of these homeowners to seek employment.

For many of these homeowners, considering an equity release scheme could be one option available that would still allow them to enjoy retirement. Equity release has the potential to unlock a tax-free lump sum from the value of their homes. This money can be used towards anything, including clearing debt to free up regular repayments.

With the state income currently set at £97.65 a week, releasing equity could be the ideal way to generate additional funds.

By consolidating your existing unsecured debts, you may extend the term and overall cost of these debts.

Related posts:

1. Equity Release Could Help Homeowners Working an Extra Year
2. Less Than 50% of People Are Saving Enough for Retirement
3. One Possible Option to Avoid Working Until 70
4. Homeowners Battle Recession by Releasing Equity